Q1 2026 Sabra Health Care REIT Inc Earnings Call Transcript
Key Points
- Sabra Health Care REIT Inc (SBRA) reported robust deal flow, expecting to exceed 2025's total investments with $400 million already closed or awarded year-to-date.
- The company's skilled nursing rent coverages and senior housing, triple net, and behavioral portfolios hit new highs in coverage.
- Sabra's managed senior housing portfolio showed strong performance with a 7.2% sequential revenue growth and a 9.5% cash NOI growth.
- For the first time, Sabra's private pay concentration is over 50% of the portfolio, indicating a shift towards more stable revenue streams.
- The company is actively pursuing AI initiatives to streamline operations and enhance decision-making, aiming to become an AI-enabled REIT.
- SHOP occupancy dipped slightly, particularly in Canada, although it remains high at 93.4%.
- Leverage increased slightly, though it remains within the company's target range.
- Interest and other income decreased from the previous quarter due to paydowns and lower interest income on cash balances.
- The company is facing cap rate pressure in the SHOP market, with most opportunities in the low 7% range.
- There is uncertainty in the skilled nursing facility (SNF) transaction market, with private buyers often outbidding REITs.
Ladies and gentlemen, this is the operator. Today's conference will begin shortly. Thank you for holding.
Good day, everyone. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sabra Healthcare REIT first quarter 2026 earnings call. (Operator Instructions)
I would now like to turn the call over to Lukas Hartwich, EVP, Finance. Please go ahead, Mr. Hartwich.
Thank you, and good morning. Before we begin, I want to remind you that we will be making forward-looking statements in our comments and in response to your questions concerning our expectations regarding our future financial position and results of operations, including our earnings guidance for 2026 and our expectations regarding our tenants and operators and our expectations regarding our acquisition, disposition, and investment plans. These forward-looking statements are based on management's current expectations and are subject to risks and
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